Self-Driving Car Market Overview :

Global Self-Driving Car Market is expected to reach $20 billion by 2024; growing at a CAGR of 25.7% from 2016 to 2024. A self-driving car or a driverless car or even robotic car is a vehicle that has capability of sensing its surroundings while driving on road and navigating without any human input. Self-driving cars have pre-installed control systems in them which can analyze the sensory data in distinguishing between different cars and other vehicles on the road, which helps in deciding a path to the destination. Cars can detect their surrounding using variety of techniques such as LiDAR, radar, GPS and Odometry. Introduction of driverless cars could reduce traffic collisions, enhanced mobility for injured or disabled people, eco-friendly and lower need for insurance.

Support by various government departments for prevention of road accidents and technological advancements are the major factors supporting the growth of market. Moreover, reduction in the consumption of fuel and insurance cost are also expected to drive the market. However, concern about safety of driverless cars, risk of privacy and security may hinder the growth of market.

By components, the Autonomous Vehicle market is segmented into hardware, software, optical cameras, Lidar, radar, and others. The software component is largest segment at present and is expected to hold its position throughout the forecast period due technological enhancement in software segment such as advanced driver assistance systems to enhance safety and driving process.

Based on geography, the market has been segmented into North America, Europe, Asia Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers France, Germany, UK, Spain and rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.